Chartwell Land - Tonbridge, Cannon Lane

Date: 15 Jan 2002

Retail Warehouse specialist, Chartwell Land, has recently acquired the freehold interest in the B&Q and Halfords at Cannon Lane, Tonbridge from Hermes Property Asset Management for a price of £9million.

The property comprises two retail warehouse units of 3,580 sq m (38,537 sq ft) and 1,692 sq m (18,209 sq ft) let to B&Q and Halfords respectively with unexpired terms in excess of 20 years, providing a very strong base for future rental growth.

This year has seen a total of £75 million committed by Chartwell Land's investment team including purchases in Sidcup, Grimsby and London Road Retail Park in Crawley. In addition, Chartwell have secured a number of new development projects at Cribbs Causeway in Bristol, Thurrock and Culverhouse Cross in Cardiff.

Mark Witham, Associate Investment Director of Chartwell Land comments: "We are delighted with the number of successful acquisitions that have been made this year, although we still have substantial funds available for similar acquisition opportunities and are looking forward to further enhancing our investment portfolio in 2002."

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